RBC downgrades H-P, cuts price target

SteveGelsi

NEW YORK (MarketWatch) -- Hewlett-Packard Co.
HPQ, +0.15%
rose 0.5% in premarket trades on Wednesday, rebounding slightly from a 12% drop in the previous session. RBC Capital Markets downgraded the tech firm and component of the Dow Jones Industrial Average
DJIA, -0.05%
to sector perform from outperform, "given the ongoing unraveling" of the company's fundamentals. "Going forward, H-P will have to face headwinds in PCs and printing that are more secular and less macro in nature," RBC analysts said. "Furthermore, H-P's impaired balance sheet will make it tougher to invest in other avenues of growth." RBC's Amit Daryanani cut his price target on the stock to $14 a share from $18 a share.

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